货币政策变化、会计稳健性与企业投资效率

发布时间：2018-07-28 15:40

【摘要】：我国的经济发展在过去的十几年里取得了巨大的成功，尤其是在加入世界贸易组织的这13年来，中国经济与世界的连接更加紧密，并且随着改革开放的不断深入、深化，，我国的市场化趋势越来越强，市场化程度越来越高，越来越完善。因此在新的经济条件下，政府等政策制定部门肩负保持国家经济快速稳定发展、维持经济金融秩序的任务，同时作为政策接受者的企业也面对生存和发展的挑战。在这样的经济背景下，研究：宏观政策的制定是如何传导到具体企业，并且企业会采取什么样的方式应对新的宏观经济政策，而这种方式又会对企业的产出产生什么影响，最终企业的产出总和又如何反过来改变政策制定者的策略显得非常必要。本文就是在这样一个“研究宏观经济政策——企业行为——企业产出——宏观经济政策”的框架下，试图从这个框架的一个角度出发，为完善宏观经济研究与企业财务研究的连接作一定贡献。具体而言，在宏观经济政策端本文主要关注货币紧缩政策，企业行为端主要关注企业会计稳健性的变化，同时观察企业在总体层面与行业层面会计稳健性的不同，企业产出端主要度量企业投资效率。本文选取2003年至2012年沪深上市公司，根据货币紧缩程度的不同将样本分为货币紧缩组和货币宽松组，根据产权性质不同分为国营企业和民营企业，分别讨论其会计稳健性的变化。度量企业会计稳健性方面，本文采用经典的Basu模型进行计量，并且借鉴拓展衡量会计盈余-股票收益关系的Basu模型，使用“会计稳健性指数”（C_Score）这一指标进行补充，其结果表明企业在货币紧缩时期会计稳健性有明显的提高。同时，在考虑企业产权性质不同之后，发现国有企业和非国有企业均在货币紧缩时期采取了比较高的会计稳健性，并且非国有企业采取会计稳健性的程度要显著高于国有企业。在上市公司总体与个体层面，使用中位数和平均数排除整体影响后分别计量其会计稳健性，发现上市公司呈现整体会计稳健性较强，个体较弱的现象。投资效率方面，借鉴并改进Biddle等人衡量企业投资效率的模型，加入“会计稳健性指数”，同时结合Richardson的适度投资模型来估量会计稳健性是否会对企业的投资效率产生显著影响。研究发现，会计稳健性在加剧企业投资不足方面影响明显，而在抑制企业过度投资方面并不明显。本文的研究发现，货币紧缩时期，企业能够通过改变企业的会计稳健性来调节企业的投资效率的，会计稳健性在这个过程中实质上起到一个传导渠道的作用。本文的研究结果是对“研究宏观经济政策——企业行为——企业产出——宏观经济政策”框架的补充，对宏观经济与企业行为和产出的进一步研究有一定的启示作用。
[Abstract]:China's economic development has achieved great success in the past ten years, especially in the past 13 years since China joined the World Trade Organization, China's economy has become more closely connected with the world, and with the deepening of reform and opening up, it has deepened. The market trend of our country is stronger and stronger, the degree of marketization is higher and higher, more and more perfect. Therefore, under the new economic conditions, the government and other policy-making departments shoulder the task of maintaining the rapid and stable development of the national economy and maintaining the economic and financial order. At the same time, the enterprises as policy recipients are also faced with the challenge of survival and development. In such an economic context, research on how macro-policy formulation is transmitted to specific enterprises, and how firms will respond to new macroeconomic policies, and what impact this approach will have on enterprise output. How, in turn, the aggregate output of the firm changes policy-makers' strategies is necessary. This paper tries to set out from the perspective of this framework under the framework of "studying macroeconomic policy-enterprise behavior-enterprise output-macroeconomic policy". In order to improve the macroeconomic research and corporate finance research link to make a certain contribution. Specifically, at the end of macroeconomic policy, this paper mainly focuses on the monetary tightening policy, the enterprise behavior mainly focuses on the change of accounting conservatism, and at the same time, it observes the difference between the overall level and the industry level of accounting conservatism. The output end of the enterprise mainly measures the investment efficiency of the enterprise. This paper selects Shanghai and Shenzhen listed companies from 2003 to 2012. According to the different degree of monetary tightening, the sample is divided into monetary tightening group and monetary easing group, and according to the property rights, it is divided into state-owned enterprises and private enterprises. The change of accounting conservatism is discussed separately. In the aspect of measuring accounting conservatism of enterprises, this paper adopts the classical Basu model to measure, and draws lessons from the Basu model, which is used to measure the relationship between earnings and stock returns, and uses the index of accounting conservatism (C_Score) to supplement it. The results show that the accounting conservatism of enterprises in the period of monetary tightening has significantly improved. At the same time, after considering the different property rights of enterprises, it is found that both state-owned enterprises and non-state-owned enterprises have adopted higher accounting conservatism in the period of monetary austerity, and the degree of non-state-owned enterprises adopting accounting conservatism is significantly higher than that of state-owned enterprises. At the overall and individual level of listed companies, using median and average to exclude the overall impact of accounting conservatism, it is found that listed companies show a strong overall accounting conservatism, the phenomenon of weak individuals. In the aspect of investment efficiency, we can learn from and improve the model of Biddle et al to measure the investment efficiency of enterprises, add "accounting conservatism index", and combine with the moderate investment model of Richardson to estimate whether accounting conservatism will have a significant impact on the investment efficiency of enterprises. It is found that accounting conservatism has a significant impact on the underinvestment of enterprises, but not on restraining overinvestment. The study of this paper finds that during the period of monetary austerity, enterprises can adjust the investment efficiency by changing the accounting conservatism of enterprises. Accounting conservatism plays an important role as a transmission channel in this process. The results of this paper complement the framework of "study of macroeconomic policy-enterprise behavior-enterprise output-macroeconomic policy", and have some enlightening effect on the further study of macroeconomic and enterprise behavior and output.
【学位授予单位】：重庆大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F822.0;F275

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